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    • CIBC aims to reduce emission intensity from power portfolio by 32 per cent by 2030

    CIBC says it earned $1.67 billion in its third quarter, down from $1.73 billion in the same quarter last year. The new CIBC logo displayed the the lobby of its headquarters in Toronto on Monday, Oct. 25, 2021. THE CANADIAN PRESS/Evan Buhler CIBC says it earned $1.67 billion in its third quarter, down from $1.73 billion in the same quarter last year. The new CIBC logo displayed the the lobby of its headquarters in Toronto on Monday, Oct. 25, 2021. THE CANADIAN PRESS/Evan Buhler
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    CIBC says it aims to cut the emissions intensity of its power generation portfolio by 32 per cent by 2030 in the latest climate target released by a Canadian bank.

    The reduction goal released Thursday follow on its release in March of targets for its oil and gas sector portfolio that included emission intensity reductions of between 27 and 35 per cent by the end of the decade.

    The emission cut targets are the early steps of the greater goal of achieving net zero emissions in portfolios by 2050, something which all of Canada's big banks have committed to.

    CIBC, like several other Canadian banks, has focused first on the highest emitting sectors, and has committed to working with clients to help them reduce emissions.

    "We continue to be encouraged by the commitment we're seeing from our clients as we work towards enabling a more sustainable and inclusive economy," said Harry Culham, head of capital markets at CIBC, in a statement.

    Investors for Paris Compliance, a group pushing for corporate accountability on net zero goals, said it welcomed the latest target from CIBC as being another step toward its climate commitments, but lamented the use of intensity-based targets.

    Intensity reductions mean that the emissions needed to produce say one kilowatt-hour of energy is reduced, but the total amount of emissions produced could still go up as power production rises.

    Most emission targets released so far by Canadian banks have focused on intensity goals, with the exception of Bank of Montreal for one category of oil and gas emissions, while RBC is expected to release its initial emission reduction targets in the coming weeks.

    Keith Stewart, senior energy strategist at Greenpeace Canada, said in an email that both Canada and the U.S. are targeting zero carbon emissions from the electricity sector by 2035, so CIBC's goal looks to fall short of what will be required.

    "If CIBC and other Canadian banks want to be taken seriously on climate change, they need to push the envelope of the possible rather than simply accept whatever governments make happen."

    This report by The Canadian Press was first published Sept. 29, 2022

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    Canada

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    Autos

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    Local Spotlight

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    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    • In the middle of the small crowd — near the tents, the lineup of kids awaiting face painting, the snack table — stood a jubilant Chiara Padovani. 'When I say 'tenant, you say 'power,'' she commanded to several dozen tenants, who chanted back with gusto. What looked like a summer block party in front of two north-end Toronto apartment buildings last month was a celebration of what renters who withheld payments for months called a 'huge victory.'

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    • The Parole Board of Canada says a man who assaulted a young pregnant woman and left her for dead remains too dangerous to be released into the community.

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    • BREAKING NEWS

      BREAKING NEWS

      A man has been taken to hospital in life-threatening condition following a stabbing incident that happened on Baseline Road in the early hours of Friday morning, according to the Ottawa Paramedic Service.

    • Police say a man who was taken to hospital in critical condition after being shot Thursday night has died.

    • Higher than average temperatures are in the forecast for Ottawa this Friday.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

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    • Premier François Legault's approval rating continued to rise this summer, according to the Angus Reid Institute. After reaching a low at the end of 2023, his support rose by three percentage points over the summer to 39 per cent.

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    N.L.

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